May 4th 2015, we signed on the dotted line, shook hands and I was handed the keys! It was all happening so fast; I excused myself to step out briefly. I ran to the car to grab the potted plants and cards that I had purchased at the local flower store as a small token of appreciation to the team that had stood by me through the process. They were pleasantly surprised by the gesture, but it was the least I could do, I was ecstatic at the deal we had just closed!
When all was done, I sat in the parking lot of the title company in Lakewood, Colorado and watched as the rain drops rolled down the windshield…I was HAPPY! Or was I? It was a great house! A multi-unit property with a great backyard,… in a great location, purchased at a great price and super awesome interest rate, my first home, this is exactly what I wanted! Was it really, or was I just kidding myself? Gasp! The smile that once was, began to fade from my face and in place of that came this feeling of nausea and exhaustion, this annoying headache as it finally hit me that I was a newbie property owner and newbie landlord and was going to have to do it alone, … What?!!!! single, young female with a great renter history but absolutely no landlord history/experience! To make matters worse there was not going to be any more Real Estate Agent or lender to walk with me through the process! The reality that I was a newbie property owner/landlord and was going to have to take charge of this boat and steer it to shore on my own was finally hitting home! I noticed myself begin to hyperventilate, suddenly the cold car interior was getting uncomfortably warm. How was I going to do this? I had no experience owning or managing property, I had done everything right up to this point, but how was I going to take the next step and the next step after that through this seemingly impossible feat? The initial phase of the purchase was over, now came something entirely new, was I ready for this? Was this the right decision? Should I have stayed renting? What was I going to do with a property where I would have to take full control of everything, be responsible for everything all while keeping a full-time job! It was hard enough having to adjust to the idea of owning my own home and being responsible for that, but I had other units that I was now going to have to be responsible for! My panic increased as I began to second-guess the decision I had just made.
Fast-forward a couple of months later and I am still hanging in there and realize that I should have started this blog a while back, but better late than never.
The purpose of this blog is to document my journey in owning and managing my first real estate property as well as the journey in building my real estate portfolio. Through this blog I hope to both share and learn from those that have been through the journey that I am embarking on as a newbie property owner and landlord.
I look forward to you joining me on this journey as I build my confidence, experience and knowledge in owning and managing rental property.
Special thanks to Carol Guzman of Your Castle Real Estate, Patrick Langhans and his team over at Bank of England, Fleming, family and friends that supported me through the initial phase of this journey. You are all dear to me and because of you I keep going. Tom S. thank you for reminding me over and over of the need to document this journey in a blog.
See subsequent posts for more on this journey.